A non-governmental organisation, under the aegis of The Ultimate and Unique Progressive Pathfinders Empowerment Initiative, has called on President Bola Ahmed Tinubu to ensure the reversal of the Structural Adjustment Programme (SAP) Era to the then generally accepted Naira to Dollar rate of NGN 1.00 to USD 1.38 through legislation by the National Assembly, saying doing that would relieve Nigeria of the exchange rate burden and bring a realistic price to the fuel pump without subsidy as well as relieve the nation of the exorbitant price of imports.
It would be recalled that SAP, as an economic policy, was introduced in 1986 by General Ibrahim Badamosi Babangida’s military administration.
The leader of the group, Rev. Prophet Bola Shonekan, a US-based Nigerian, made this call on Thursday at a press conference in Lagos, saying that the step being suggested to rescue the country out of its current economic hardship was based on over 40 years of research and development conducted by the body, even as he added that the model would allow the implementation of a similar economic platform currently only available to the US capital market.
“The reversal of the Structural Adjustment Programme (SAP) Era to the then generally accepted Naira to Dollar rate of NGN 1.00 to USD 1.38 would be practical and feasible through legislation.
That, in itself, would relieve Nigeria of the exchange rate burden and bring a realistic price to the fuel pump
without subsidy, and no subsidy is required for the exchange rate. This could also bring relief to the exorbitant price of imports,” he said.
Shonekan disclosed several steps taken to arrive at the economic blueprint, including setting up a technical committee comprising 41 members from all walks of life, which “deliberated for three months on how best to help foreseeable challenges the RENEWED HOPE (of the Nigerian Presidential Administration) is bound to face,” and expressed the belief that the renewed hope was both practicable and achievable.
“We can bring Naira back to its 1986 value through legislation that has been prepared and possesses US Congressional Copyright through the US Library of Congress as well.
It is our hope at the ADHOC Review Committee that the efforts of our distinguished members will get the attention of His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, President of the Federal Republic of Nigeria, Commander of the Armed Forces, and his government to the fact that there is an opportunity for consideration by his Excellency, as he has avowed ‘not to leave any stone unturned,'” he said.
“The journey to bring our aims and objectives to reality has been an all-out effort through research and development of tested and proven economic structure practised and perfected by the world’s
best economy, the United States of America
“GBS-AAEDI has gained far-reaching knowledge in the American Capital Market, Free Market Economy, and Market-Driven Economic System through our US Congressional copyrights.
The rules and regulations that govern the US economy are second to none and give us the carte blanche privilege to implement a parallel economic system enjoyed today that makes America the greatest economic success of all time,” Shonekan added.
“Now, since we have been under Democratic Dispensation and Republic Governance, what is prudent and practical is to advance the Democratic abilities of the Legislative Power of the New Republic to legislate a reversal of the US IMF SAP condition on the value of the nation’s currency back to its original value as of July 31st, 1986, which was then $1.38 to N1.00, and back the new currency value with substance, our God-given natural resources. Nigeria and Africa will never have to borrow or beg for foreign investments again.
“This development has gotten GBS-AAEDI into action by bringing forth their over forty years of research and development that had yielded US Congressional Copyrights on Economic Reconstruction and Development of Basic Infrastructure in Nigeria and Africa to the forefront and presenting an Executive Legislative Bill through the Nigerian National Assembly for the benefit of all the economically oppressed nations of Africa.
“The relief of which will bring unity and tranquilly to the Africans under one common and stable currency that assures sustainability and self-sufficiency in the region. Global recognition, respect, and equitable trade practices will replace the practices of the past centuries that Africa has experienced.
“This laudable plan and future plans to be implemented will refuse to accept any foreign currencies for the purchases of all globally essential African Mineral Resources except her African Cowrie.
This will bolster a new and stronger economic relationship with the US government and its US Federal Reserve banks.
“The plan will automatically upgrade the AFRICAN COWRIE to a convertible global currency status and enhance its acceptance as a new and reliable global currency, second only to the US Dollar, because of the length of its existence in the global market.
“These newly founded economic resources will embolden, strengthen and sustain the acceptance of
the new African COWRE in the Global Market and will intertwine with the US Dollar, which will make the value of the new African COWRIE meaningful for Americans as it is to Africans, leaving the World Global Market to cooperate or have no access to the purchase of the globally essential African Mineral Resources,” he further added.
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